😳 Nvidia 15% Toll

+ US Stock Market Hits Record Valuation

August 12, 2025

In partnership with

Good afternoon! Instagram’s new Map feature lets users share their location with select followers, but critics warn it could be a privacy risk. Security experts say the tool could allow people — including strangers — to track users, with teens being especially vulnerable. While it’s off by default, opting in updates your location whenever the app is open, and tagging a post with a location places it on the map for 24 hours.

If you want to stay off the grid, you can leave Map disabled or set location sharing to “no one” in settings. Meta says it built in doublre consent to prevent accidental sharing, but privacy advocates suggest checking the feature regularly, since app updates can flip settings without notice.

MARKETS

*Stock data as of market close*

  • Stocks slipped into the red Monday as investors hit pause ahead of Tuesday’s July CPI report. The S&P 500 dipped 0.2%, the Nasdaq 100 lost 0.4%, and the Russell 2000 eased 0.1%. Energy and tech dragged the most, while communication services and consumer discretionary stocks eked out gains.

  • A 90-day extension of the US-China trade truce barely registered with traders, given it was widely expected. Trump also urged China to quadruple its soybean purchases from the US, but markets stayed focused on tomorrow’s inflation print—and the growing skepticism over whether the numbers can be trusted.

STOCKS
Winners & Losers

What’s up 📈

  • Pot stocks surged after Trump said marijuana could be reclassified “in the next few weeks.” Canopy Growth jumped 26.4%, Tilray Brands soared 41.82%, and Cronos Group rose 16.9%. ($CGC, $TLRY, $CRON)

  • Tegna rocketed 29.78% on reports Nexstar Media Group is in talks to acquire the broadcaster. Nexstar gained more than 4%. ($TGNA, $NXST)

  • TKO Group climbed 10.23% after Paramount acquired U.S. rights to UFC for seven years in a $7.7 billion deal. ($TKO)

  • E.l.f. Beauty popped 9.73% after Morgan Stanley upgraded the stock to overweight, citing underestimated earnings potential from product pricing and its Rhode acquisition. ($ELF)

  • CoreWeave rose 7.90% after JPMorgan reiterated an overweight rating and raised its price target, citing strong momentum in its business pipeline. ($CRVW)

  • Rumble jumped 3.05% after confirming it may bid $1.2 billion for German AI cloud group Northern Data. ($RUM)

  • Fannie Mae and Freddie Mac rose 15.49% and 13.16% after Trump hinted they could merge into a single stock under the ticker MAGA. ($FNMA, $FMCC)

What’s down 📉

  • Owens & Minor plunged 34.70% after warning stranded costs will keep rising despite plans to improve profits through divestitures. ($OMI)

  • C3.ai dropped 25.58% after issuing weak Q1 guidance, projecting lower revenue and widening losses. ($AI)

  • Monday.com tumbled 29.80% despite an earnings beat, as its updated guidance disappointed investors. ($MNDY)

  • AAON sank 10.49% after missing Q2 earnings and revenue expectations and cutting full-year sales guidance. ($AAON)

  • Hershey fell 4.80% after cocoa futures spiked on supply concerns in West Africa. ($HSY).

CHIPS
Nvidia and AMD’s 15% Export Fee Deal with Washington

A 15% toll for access

Nvidia and AMD have struck a rare deal with the Trump administration: fork over 15% of their China AI chip sales in exchange for export licenses. The arrangement covers Nvidia’s H20 and AMD’s MI308—custom “compliance” chips built for China after earlier U.S. restrictions. For the chipmakers, the math works: Morgan Stanley estimates AMD could make up to $5 billion annually from Chinese sales, while Nvidia may have missed out on more than $7 billion in just one quarter when shipments were halted. Now, they’ll pay what’s essentially a “reverse tariff” to reenter the market.

The politics under the hood: President Trump framed the deal as a win for U.S. tech, calling Nvidia’s H20 an “old chip” while dangling the possibility of a similar arrangement for a scaled-back version of its latest Blackwell line. But trade experts are already questioning whether this setup could be challenged as an unconstitutional export tax. The unusual quid pro quo also risks undercutting Washington’s national-security rationale for keeping advanced chips out of Beijing’s hands—a talking point the administration has leaned on since the first wave of export curbs in 2022.

China’s mixed signals: Beijing’s reception hasn’t been warm. State-linked accounts have criticized the H20 as inefficient, environmentally unfriendly, and potentially insecure—claims some analysts see as negotiating leverage. Domestic rivals like Huawei already supply 20–30% of China’s AI chip demand, and officials appear eager to keep momentum behind homegrown tech. Even if licenses are flowing again, it could take months for Nvidia and AMD to restart production and gauge whether Chinese customers bite under the new cost structure.

A new precedent in the chip war

Beyond the immediate revenue boost, the bigger story may be the precedent: Washington just put a price tag on market access, and other industries are paying attention. For chip CEOs, the takeaway is clear—national security policy can be flexible if you write a big enough check. For Intel’s Lip-Bu Tan, who meets with Trump this week amid criticism of his own China ties, that could mean negotiating his own 15% solution.

NEWS
Market Movements

  • 📉 Stocks Slip Ahead of Inflation Report: U.S. indexes ended near session lows Monday as traders de-risked before Tuesday’s CPI release. Energy and tech lagged, while consumer discretionary and communication services outperformed. Standouts included Tesla on robotaxi news, GM on autonomous ambitions, and weed stocks on Trump’s reported marijuana reform consideration.

  • 🍃 Trump Mulls Marijuana Reclassification, Weed Stocks Blaze Higher: Cannabis stocks lit up after The Wall Street Journal reported President Trump is considering moving marijuana to a less dangerous drug class. The change could remove banking and tax barriers that have long strangled U.S. cannabis operators, while even Canadian names with no U.S. sales rallied big. The news echoes earlier regulatory rumors that have repeatedly jolted the sector.

  • 🗣 Apple and Amazon Still Struggling to Make AI Voice Assistants Work: Big Tech’s shift from rigid natural language processing to large language models is making Siri and Alexa worse at the basics. Reviews show Amazon’s Alexa+ is fun but buggy, hallucinating facts and failing simple requests, while Apple’s upgraded Siri won’t be ready until at least spring 2025. Engineers remain concerned about accuracy in high-stakes apps like health and banking.

  • 🚗 GM Gets Back Into Self-Driving Cars: Months after shuttering its Cruise robotaxi unit, GM is recruiting former staff to work on personal-use autonomous vehicles. The automaker is partnering with Nvidia on advanced driver-assistance systems. High development costs and safety scandals had previously forced GM to abandon its robotaxi ambitions.

  • 💄 Morgan Stanley Says e.l.f. Beauty Selloff Was Overdone: e.l.f. shares jumped nearly 10% after Morgan Stanley upgraded the stock, arguing fears over its recent 14% price hike are exaggerated. Analysts say beauty shoppers are less price-sensitive, especially with e.l.f.’s already low-cost products. The bank expects the company to weather the increases without major volume losses.

  • 🚖 Musk Says Tesla Robotaxi Coming Next Month—Maybe: Elon Musk claimed Tesla’s robotaxi will be “open access” next month, but past comments suggest the rollout may be limited or still supervised. The service could resemble Uber-like ride-hailing with Teslas or a small expansion of its monitored Austin program. Either way, significant scaling would be needed to meet public demand.

  • 🤖 OpenAI Walks Back Plan to Kill Older Models: After backlash over its plan to retire older AI models in favor of GPT-5, OpenAI will keep GPT-4o available for Plus users. CEO Sam Altman admitted the company underestimated users’ attachment to existing tools, pledging higher GPT-5 rate limits and upcoming UI changes. The reversal came after a rocky GPT-5 launch and critical AMA session.

  • 🥊 Paramount Snags UFC Rights in $7.7B Deal: Paramount will pay $1.1 billion annually for U.S. broadcast and streaming rights to UFC events over the next seven years. Shares of UFC owner TKO jumped double digits on the news, while Paramount stock fell. The deal is the largest sports rights acquisition in the company’s history.

  • 💵 Buybacks on Track for Record Year: U.S. companies have announced $983.6 billion in stock repurchases so far in 2025, with projections topping $1.1 trillion by year-end. That would mark the biggest buyback total since data collection began in 1982.

  • 🎟 StubHub Revives IPO Plans: Ticketing platform StubHub, spun out of eBay in 2020, is reportedly targeting an IPO next month. The company paused earlier plans due to market conditions but now aims to capitalize on a resurgent live events market.

MARKETS
US Stock Market Hits Record Valuation, But Listed Companies Have Halved Since 1997

A record market, but fewer members

The US stock market may be breaking records in market cap, but the actual roster of companies trading on its exchanges is far smaller than many realize. The number of publicly listed US companies peaked in 1997 at 7,522 and has been trending downward ever since, now sitting at just 3,838. That puts the US behind China, the EU, and Japan in terms of listed company count, despite having the largest market by value. The decline hasn’t been steady—sharp drops followed the dot-com bust, and a temporary bump came during the 2023 SPAC boom—but the long-term trend remains clear.

Why private capital wins

The IPO resurgence, highlighted by splashy listings from CoreWeave, Circle, and Figma, masks a deeper shift in how companies raise money. With more private capital available than ever, startups and maturing firms can raise substantial funding without the costs and scrutiny of going public. As Georgetown finance professor Reena Aggarwal put it, “Why do I want to be a public company if I can get private capital easily, quickly, and at good terms?” Added to this are deterrents like stringent regulatory requirements, shareholder activism, and litigation risk—factors that can make public markets less attractive than staying private.

The road back to public markets:Experts including Aggarwal and JPMorgan CEO Jamie Dimon warn that a shrinking public market reduces transparency and competitiveness in the US economy. Aggarwal has proposed policy changes to reverse the trend, such as lowering disclosure burdens, easing regulatory requirements, and streamlining proxy voting. Others suggest expanding investor access to private companies, an approach already seen with Robinhood’s tokenized shares of OpenAI and SpaceX or JPMorgan’s research coverage of select private firms. Whether through incentives or market innovation, the challenge is to make public listing appealing again—because for now, private is simply easier.

Calendar
On The Horizon

Today

Earnings will trickle in today from ON Holdings, CoreWeave, Circle Internet Group, eToro, and H&R Block, but the real market mover will be the July CPI print. The inflation read lands in a politically charged moment—Trump recently ousted the BLS chief over jobs data and could turn up the heat on Jerome Powell if prices overshoot expectations.

Economists see headline CPI rising 0.2% month over month and 2.8% annually, with core CPI up 0.3% and 3% respectively. Tariffs are still the wild card. Goldman Sachs’ Jan Hatzius warns that while companies have absorbed most of the costs so far, consumers could soon shoulder two-thirds of the burden—meaning higher prices may be just getting started.

Invest Alongside Kyrie Irving and Travis Kelce

A new media network is giving pro athletes ownership of their content…and they’re inviting fans, too.

That network is PlayersTV.

It’s the first sports media company backed by over 50 legendary athletes including:

  • Kyrie Irving

  • Chris Paul

  • Dwyane Wade

  • Travis Kelce

  • Ken Griffey Jr.

  • And more

PlayersTV is a platform where athletes can tell their own stories, show fans more of who they really are, and connect in a whole new way.

And here’s the kicker: It’s not just athlete-owned—it’s fan-owned, too.

PlayersTV has the potential to reach 300M+ homes and devices through platforms like Amazon, Samsung, and Sling.

And for a limited time, you can invest and become an owner alongside the athletes.

2,200+ fan-investors are already backing PlayersTV. Want in?

This is a paid advertisement for PlayersTV Regulation CF offering. Please read the offering circular at https://invest.playerstv.com/

NEWS
The Daily Rundown

  • 🇦🇺 Australia to Recognize Palestinian State in September: Australia will formally recognize a Palestinian state next month, aligning with recent moves by the UK, Canada, and France. The decision marks a notable shift in Australian foreign policy toward the Israeli-Palestinian conflict. Officials say the recognition is intended to support a two-state solution and broader peace efforts. Critics warn it could strain relations with Israel at a sensitive diplomatic moment.

  • 🔫 New York Tourist Killed in Puerto Rico During Bad Bunny Trip: A New York tourist was fatally shot in Puerto Rico while visiting for Bad Bunny’s residency shows. Police say the incident occurred during a robbery in a popular nightlife district. The victim was reportedly in town with friends for the weekend. Authorities are investigating but have not made any arrests.

  • 🚀 Four Astronauts Return to Earth After Five Months in Space: A SpaceX capsule safely brought four astronauts back to Earth on Saturday after a five-month mission aboard the International Space Station. The crew included representatives from NASA, ESA, and JAXA. Their work in orbit focused on scientific research and station maintenance. The capsule splashed down in the waters off Florida without incident.

  • 🌊 Milwaukee Hit with Flash Flooding Amid Midwest Storms: Severe storms brought 5.74 inches of rain to Milwaukee in just hours on Saturday, triggering flash floods and a state of emergency. The deluge forced the Wisconsin State Fair to close early and left dozens of people stranded in cars before being rescued. Significant power outages and property damage were reported across the city. The National Weather Service warned that repeated rounds of heavy rain could continue across the Midwest, Central Plains, and Southwest.

  • 🚗 Global Automakers Brace for Tariff-Driven Price Hikes: New U.S. trade tariffs have so far had minimal impact on car prices, according to the New York Times, but automakers are preparing for costs to rise. Industry losses from auto-related tariffs have already reached $12 billion globally, the steepest since the pandemic. Analysts expect manufacturers to focus on internal cost-cutting before passing higher prices to consumers. Volvo Cars’ CEO warned earlier this year that manufacturing could become more regionalized in response.

  • 📞 AOL to End Dial-Up Internet Service on September 30: AOL announced it will shut down its dial-up internet service at the end of September, ending a relic of the early online era. Once the largest U.S. internet provider with over 18 million subscribers in 1999, AOL’s dial-up customer base has dwindled to just a few thousand. The service persisted in rural areas lacking affordable high-speed internet. Other companies will still offer dial-up, but AOL’s iconic connection tones will soon be history.

REFERRAL
Share Investinq 🤝 Acquire Swag

If you love reading our newsletter, don’t be selfish — share it. Odds are your favorite finance bro, trader, investor, or stock market fanatic will too.

Don’t keep all the market news to yourself — share the love using the unique link below.

We deliver you all the news for free every single day (go on… help us out ;)

And here’s the kicker: every referral you make gets you entered into a raffle to win some awesome prizes listed below. Just share the link below and you’ll be entered once they sign up.

RESOURCES
The Federal Reserve Resource

Join our small yet growing subreddit 🚀: https://www.reddit.com/r/investinq/

Wall Street Reads 💎 (Best Books):

Check out our latest issues 🎯: https://investinq.beehiiv.com